Citing rating agencies' conflicts and overoptimistic assessments that it said led to the global financial turmoil, the European Commission has put forward proposals for new regulations for the agencies.

Moody's said it was hopeful the new proposals released Wednesday would permit them flexibility. Standard & Poor's said they were examining them to see if they permitted independence and consistency.

The commission noted that the proposal is one of a number of concepts put forward to deal with the financial crisis and adds to Commission's proposals on Solvency II, Capital Requirements Directive, Deposit Guarantee Schemes and accounting.

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